The Advocate reported that the OIR moved to shutter FedNat on September 23. The regulator gave clarification that its referral of FedNat to receivership would not affect Florida policyholders.
“It’s important to note, FedNat had zero policies in force in Florida at the time of the referral. In June 2022, FedNat early canceled approximately 56,000 of the 140,000 policies in force in Florida,” an OIR spokesperson said.
“The remaining policies were assumed by Monarch National Insurance Company. All outstanding claims will become the obligation of FIGA (Florida Insurance Guaranty Association).”
In May, the insurer filed a notice to withdraw from